Debit cards are a common form of payment today, and with good reason too. Aside from UPI, these cards offer the most stress-free and convenient way of paying for purchases. On the downside, its frequent usage causes people to make common debit card mistakes. Many of these mistakes, if not rectified, can lead to huge losses for card owners. With that in mind, here are some of the mistakes to avoid with debit card usage: Failing to pay attention to one’s debit card balance Debit purchases take out money directly from one’s savings accounts. So, it is wise to keep track of how much money is left in one’s savings account before and after they use their debit card to make a purchase. If someone does not do so and uses their card to make a payment of $200 unbeknownst to the fact that their account only contains $190, then their transaction gets “bounced.” In such cases, people may face legal consequences and severe penalties. Using debit cards for ultra-expensive purchases Credit cards are the better option as compared to debit cards in some cases. If users purchase expensive items that they may need to return in the future, then using a credit card enables them to immediately file a claim with their card issuer and get their money returned on their card right away. Debit cards do not come with this feature, and users may have to wait days, if not weeks, to get refunds in some cases. Using the ATM regularly Unlike what many people may believe, taking out money from the ATM is not a free service. Different banks tend to levy their own ATM rates. Some users do not notice this charge and continue to use their debit cards and ATMs to make purchases frequently. Unfortunately, the ATM charges keep piling up and, by the end of a year or two, one may not even realize that they have spent hundreds of dollars on the same.

Splurging on products and services could be lots of fun initially. However, spending beyond what one can afford, without considering how they are going to pay it back, could become problematic. One may try to get out of debt quickly—a good thought that may take a lot of work. However, when trying to clear dues, a person should avoid making these common mistakes as it could otherwise worsen their financial situation. Sticking to the same spending habits Some people who are in debt start paying off their dues regularly. At the same time, they also spend at cafes or other establishments. While it may look like they are improving their financial situation, it is not the case. So, one should break away from their excessive spending habits. For instance, instead of splurging on expensive coffee outdoors, one could brew it fresh at home. Not creating a financial plan Trying to get out of debt requires a financial plan. This plan should reserve money for necessities like healthcare, transportation, food, housing, education, and insurance. From the balance funds, one could create room to pay their debt. Individuals should also consider getting rid of credit cards. Doing so would make one think twice as they have to pay cash for dining outdoors, movies, purchases, and other things. Borrowing from or ending 401(k) contributions Many individuals have money set aside in their retirement fund that could be used to tackle debt. However, using it is probably a mistake because it might affect one’s future, especially when they get older or if there is a healthcare emergency. Moreover, there are penalties involved when withdrawing funds early, and one may not get the full amount. Neglecting help While it might be uncomfortable to seek help from others, doing so may have certain benefits. One could consult financial counseling agencies for assistance with clearing off their debt over time.

Paper checks are an important banking instrument that enables secure financial transactions. Although there are several modern ways to make payments, like debit or credit cards and payment apps, checks still reign as one of the most common and preferred modes of transaction, especially among older generations. Whether one is running a small business, managing personal finances, or just prefers the tangible nature of a check, there are several convenient ways to order checks. Ways to order checks for the first time Here are a few ways to order checks for the first time: 1. Online banking app One of the fastest ways to order a check online is to download the mobile application of one’s bank or financial institution, sign in to the account, and request a check under their specified section. For this step, though, one may require certain personal details like an account number, routing number, passcode, and zip code. It’s a perfectly safe and reliable option for ordering checks. 2. Put in a request to the bank Alternatively, one can also approach any branch of one’s bank or credit union. Banks usually offer some initial checks for free, but one may have to cover the cost of additional checks. This cost may also be relatively higher than the other options. 3. Check out third-party vendors One can also order checks from third-party vendors online, who often provide low-cost check printing services through their websites. One might have to provide essential information like routing and account numbers, addresses, contact details, and others. So, it’s important to ensure that the vendor is legitimate and reputable and complies with the regulations of the Consumer Product Safety Act. One can print their own checks but this might be a tricky affair. It usually needs magnetic ink, check stock paper, and advanced printing software to print the checks that banks and merchants accept.

Annuities are a popular investment option that helps one get a steady stream of income during retirement. It is essentially a contract with an insurer in which one pays premiums and, in return, gets a guaranteed stream of payments in retirement. There are several annuity options, and choosing the right one can help one meet their long-term financial goals with ease. Also, one should avoid the following common mistakes associated with annuities: 1. Overlooking future tax implications Annuities are not taxed during the accumulation period. However, these benefits are only available until one withdraws money from their annuity plans. So later, the retirement income earned in the form of annuities will be taxed. This can be an additional monetary burden at the time. To avoid this issue, one must not let all their retirement income be taxable. They must set aside certain percentages of their income and direct them to non-tax deferred retirement investment options. 2. Investing too much While an annuity is a good investment option for retirement, it also tends to be rigid and difficult to get out of after a certain point. One can even end up paying penalties for several years after purchase if they miss a payment or two in the interim. Also, it becomes difficult for one to access their own money as it is locked away in an annuity plan and cannot be withdrawn due to the insurer’s rigid terms. So, the only way to avoid it is by not putting all of the money into an annuity plan. One should diversify their retirement portfolio, with annuity plans just being one among many other investments that will keep yielding returns. 3. Choosing the wrong type of payout One should carefully review the payout terms of different types of annuities. For instance, with an immediate annuity, one can get a high annual payout.

Choosing a life insurance policy can be a slightly different experience for seniors because there are more risks involved. Age and health play a significant role in determining premiums; sometimes, these can be high. Choosing the best life insurance policy for seniors doesn’t have to be a harrowing task or one that puts a strain on the finances. Check out some best practices to make the right choice. 1. Assess needs and budget Buying life insurance shouldn’t be a hasty decision, and one should assess all factors before picking one. Budget and needs should be the first consideration. Evaluate all outstanding debts, future payments, and one’s current financial situation before choosing life insurance. One can factor in funeral costs, medical bills, and help for surviving spouses or dependents before determining the coverage amount and policy type. 2. Understand the types of life insurance There are a few types of life insurance that seniors can choose from, and some of them are as follows: Term Life Insurance This type of life insurance provides coverage to the buyer for a specific period. If the insured passes away during the term, beneficiaries receive the death benefit. While term life insurance is typically more affordable, for seniors, it could be the reverse. Premiums could be much higher, and there could be caveats like the exclusion of a pre-existing condition. Whole Life Insurance Premiums here are generally higher, but it offers lifelong coverage with a guaranteed death benefit. It also has a cash value component that accumulates over time. Universal Life Insurance This is like whole life insurance but has more flexibility in premium payments and death benefits. This sort of policy could include investment options. Final Expense Insurance This sort of insurance is designed with the sole purpose of covering end-of-life expenses like funeral costs, medical bills, and any outstanding debt.

With the growth of mobile technology, phones have become an indispensable part of people’s lives today. This, however, has also resulted in climbing rates, making phones an increasingly expensive purchase. To make phone ownership easier for customers, several companies offer ‘Buy Now Pay Later’ (BNPL) personal loans. These plans divide the payments into smaller chunks and generally have no associated interest or fees. Here are some of the top BNPL providers to finance phone purchases. Affirm Affirm has many different BNPL plans that allow customers to choose between a few payment schedules. One of the most popular is the pay-in-four, where the purchase is divided into four equal installments paid in regular, two-week intervals. Depending on the purchase and retailer, buyers can also opt for 3-, 6-, and 12-month plans. While the pay-in-four plan charges no interest, the monthly plans may have an interest rate of anywhere between 0% to 36%. Afterpay Afterpay also has similar plans. When shopping from their partnered retailers, customers can purchase their phones with a BNPL plan on a pay-in-four or a monthly basis. The pay-in-four plan has no associated fees or interest charges. However, the monthly plans can only be used at select retailers for purchases over $400 and may invite an interest of 0% to 35.99% APR. Klarna For those looking for longer monthly payment plans, Klarna may be the answer. In addition to their pay-in-four and pay-in-30 plans (which are interest-free), the company offers customers a chance to split their payment anywhere between six months and four years. These monthly payments may have associated interest charges ranging from 0% to 29.99% APR. Sezzle Sezzle has a much wider range of retailer partners compared to other options in the market, making it an attractive option for many. The company’s plans are quite similar to the others – pay-in-two and pay-in-four plans that can be availed interest-free, and a range of monthly financing options (from three months to four years), which may be charged with an interest rate between 5.99% to 34.99% APR.

Most people’s daily activities, such as traveling to and fro from work or grocery stores, heavily depend on fuel. But the more fuel one needs, the more they must pay for it. This is where gas cards come in and help with cost reduction. Personal fuel cards make it incredibly easy for households and organizations to manage their fuel expenses, particularly because they can be easily regulated through the card. So, here are some popular gas credit cards one should consider: AARP® credit card from Chase The AARP® credit card from Chase offers several rewards on gas spending, and contrary to its name, one doesn’t have to be an AARP member to avail oneself of its benefits. Cardholders do not have to pay any annual fees and can earn 3% cashback on every dollar they spend on gas and at restaurants. Furthermore, one can earn 1% cashback if one buys anything else using the card. The best part about these credit cards is that the rewards never expire. Ink Business Cash® credit card With the Ink Business Cash SM credit card, cardholders can avail themselves of 2% cashback on the first $25,000 spent in combined purchases at restaurants and gas stations. The benefit is available to cardholders for as long as they hold their accounts. Card members’ eligibility for an increase in the credit line is verified every six months or at shorter intervals. The Ink Business Cash SM credit card is among the top 10 best gas credit cards. BPme Rewards Visa Signature® card This card is also rated as one of the top 10 gas credit cards and is great for those who want a gas card for non-business purposes. Specifically, it offers a 25-cent discount per gallon for every $100 spent at BP gas stations and 15 cents off per gallon for every $100 spent on groceries, travel, and associated dining.

People have been increasingly investing in cryptocurrency, a form of digital currency. Some reasons behind its popularity include the near impossibility of counterfeiting or double spending, cheaper and quicker money transfers, and decentralized systems that don’t collapse due to central issues. Given its quick rise to fame, the market remains volatile, leading to several costly errors. Here are some mistakes to avoid when selling or investing in cryptocurrency to avoid losing money with these investments. Ignoring trading costs Market traders make several trades in a day. However, all these trades are not free; they often have a transaction fee. Some payment portals may also charge more for every deposit or withdrawal. Keep an eye out for these costs, which could add up over time and affect profits. Not working with a trading strategy Without a pre-set trading strategy, one is more likely to run into losses. A trading strategy lets one define how to pick tokens and when to buy or sell them. What’s more, this makes trading much easier in the long run. Forgetting about portfolio tracking Another common mistake people make is leaving their investments. Keep tabs on the portfolio by tracking returns regularly. Study the state of the market as well to edit trades as needed and maximize returns. Overlooking the importance of research Unfortunately, the world of crypto is fraught with scams and misinformation, resulting in major losses for some investors. To avoid falling through the cracks, traders must take the time to conduct in-depth research. Several crypto companies also use celebrities and social media influencers to pull buyers. Exercise caution and learn about these practices at length before trading in crypto. Falling for rug pulls Continuing with the above point, many crypto developers practice “rug pulls.” Essentially, these are scams where the developer abandons the project and escapes with investor funds.